First Author:   Norman Gemmell University of Nottingham norman.gemmell@nottingham.ac.uk   School of Economics, University of Nottingham, University Park Nottingham, NG7 2RD, U.K.   +44 115 9515465(Phone) +44 115 9515465(Fax) http://www.nottingham.ac.uk/economics Second Author: Tim Lloyd University of Nottingham tim.lloyd@nottingham.ac.uk   School of Economics, University Park Nottingham, NG7 2RD, U.K.       http://www.nottingham.ac.uk/economics